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Tuesday, June 27, 2017

GST REGIME : FIEO SEEK EXEMPTION FROM GST ON INPUTS USED IN EXPORTS


By on Tuesday, June 27, 2017

GST REGIME : FIEO SEEK EXEMPTION FROM GST ON INPUTS USED IN EXPORTS

Dr. A. Sakthivel, Regional Chairman, FIEO Southern Region said that exporters should be exempted from payment of GST on inputs used in exports.  The exemption should also be given to merchant exporters who procure goods for exports. More than 45%  of India’s exports contributed by merchant exporters who predominantly  buy   finished product from MSME sector, should be exempted from payment of GST instead of pay duty and apply for refund after export.  Otherwise there will be liquidity crunch for exporters under working capital.  

Dr. A. Sakthivel,
Regional Chairman,
FIEO Southern Region
 

According to FIEO estimate if these inputs tax is not exempted, there will be add-on cost of about 2% of FOB value on export.  FIEO made a representation for exemption in both the above cases and in case not possible have requested the Government to provide 2% additional benefit in the forthcoming Midterm Review of Foreign Trade Policy which is going to be announced before GST implementation to compensate  


C.P. Rao, IRS, Principal Chief Commissioner of Central Excise and Service Tax assured exporters that GST regime will be flexible and user-friendly and will act to easy on doing business.  He assured all support for the exporting community.  Officers present in the meeting made detailed presentation on applicability of GST for exporters.  More than 350 exporters take part in the session organized by FIEO at Chennai today to get clarity on GST on exports and sought clarification on various issues related to GST including refund procedure, job work, GST rate etc.

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